

Crypto Voices
Matthew Mezinskis
Podcast covering diverse trends in Bitcoin and blockchain tech, decentralization, entrepreneurship, cryptoeconomics and liberty.
Author note: All authors, whose content is featured on Crypto Voices, are contacted beforehand for permission, regardless of copyright or license such as Creative Commons. If you are an author whose work is reproduced here and you have not heard from Crypto Voices, it's because we couldn't find a way to contact you. However, in this situation your work was already licensed Creative Commons, and it was so great anyway that we just couldn't wait to turn it into audio and put it up!
Any questions, please write info@cryptovoices.com, we'd love to hear from you.
Author note: All authors, whose content is featured on Crypto Voices, are contacted beforehand for permission, regardless of copyright or license such as Creative Commons. If you are an author whose work is reproduced here and you have not heard from Crypto Voices, it's because we couldn't find a way to contact you. However, in this situation your work was already licensed Creative Commons, and it was so great anyway that we just couldn't wait to turn it into audio and put it up!
Any questions, please write info@cryptovoices.com, we'd love to hear from you.
Episodes
Mentioned books

Mar 17, 2023 • 4min
Recap #2: Bitcoins are Base money, not Bank money
This clip is a recap from #32 Decoding Money: Total money supply USA.
Why do bitcoins economically compare to base money, and not bank money?
Full ep here: https://www.youtube.com/watch?v=zghGPfY3J8I&t=2007s

Mar 15, 2023 • 2min
Recap #1: Market money vs. Monopoly money
This clip is a recap from #32 Decoding Money: Total money supply USA.
Pinpointing the difference between market money and state money as a basis for monetary philosophy!
Full ep here: https://www.youtube.com/watch?v=zghGPfY3J8I&t=2007s

Mar 13, 2023 • 29min
CV147: Alex Gladstein - CBDC Tracker
Check out show sponsor Coinkite: https://coinkite.com/
Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/
This is the one hundred forty-seventh podcast episode from Crypto Voices.
Show support appreciated: donations.cryptovoices.com
Matthew interviews Alex Gladstein from the Human Rights Foundation on recent banking turmoil, CBDCs, and HRF's new CBDC tracker fellowship he will be working on, together with Janine from This Month in Bitcoin Privacy, and Nick Anthony from the Cato Institute.
Contents
00:00 Intro
02:25 Silvergate and SVB
13:33 CBDCs and the HRF Tracker
Links for more info:
https://hrf.org/cbdctracker/
Show Sponsor: hodlhodl.com/join/cryptovoices
Hosts: Matthew Mežinskis, Michel, Alec Harris
Music: New Friend Music newfriendmusic.com/
Podcast & videos
Bitcoin, privacy, cryptoeconomics & liberty
Thanks for watching!
https://porkopolis.io
https://twitter.com/crypto_voices
Show content is not investment or financial advice in any way.

Mar 10, 2023 • 26min
PE41: MORE on the best Bitcoin valuation model
Check out show sponsor Coinkite: https://coinkite.com/
Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/
This is the forty-first video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast.
Contents
00:00 Intro
04:50 Remember PSR is gross ratio (before expenses)
05:20 PSR doesn't compare across industries
08:07 PSR all-time average
10:30 PSR power regression trendline (60% R-squared)
13:30 1-sigma percentile moves
14:12 2-sigma percentile moves
19:40 Log scale on right axis
We go deeper into the Bitcoin network's Price-to-sales ratio, what it looks like historically, as well as the evolution of its own power trendline with percentile bands.
Coefficients:
y = a * x ^ b
y = y-intercept * x ^ slope
y = 4.74E-05 * x ^ 163%
https://porkopolis.io
https://twitter.com/crypto_voices
Show content is not investment or financial advice in any way.

Mar 9, 2023 • 21min
PE40: PSR - The best Bitcoin value model you've never heard of
Check out show sponsor Coinkite: https://coinkite.com/
Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/
This is the fortieth video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast.
Contents
00:00 Intro
00:28 Origins of metric
01:54 Numerator: Market cap ($)
03:42 Denominator: Trailing-12 month miner network revenue ($)
05:55 Ratio recap and importance
09:10 "Price-to-sales" (PSR) ratio for Bitcoin
10:30 PSR: All-time low
16:20 PSR: All-time high
19:37 Basic interpretation of low and high PSR
Here we compare the Bitcoin network supply in USD-terms (otherwise known as the market cap) with the miner trailing-12 month revenue (block reward + fees) across the entire network. This gives us a gross "Price-to-sales" ratio; in other words, how many multiples the network is worth versus network-wide revenues, at any given time.
https://porkopolis.io
https://twitter.com/crypto_voices
Show content is not investment or financial advice in any way.

Mar 8, 2023 • 23min
PE39: What will the Bitcoin network be worth in 2030, based on trend?
Check out show sponsor Coinkite: https://coinkite.com/
Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/
This is the thirty-ninth video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast.
Contents
00:00 Intro
00:31 Bitcoin supply in BTC-terms
02:07 Bitcoin supply in USD-terms (market cap)
02:41 Four basic regression trendlines
03:09 Bitcoin market cap power trendline (96% R-squared)
05:13 Log scale
06:30 1-sigma percentile moves
07:05 2-sigma percentile moves
19:36 Predictive trendlines
Here we compare the Bitcoin network supply in native bitcoins with the Bitcoin network supply in US-dollars. We also layer in its best-fitting trendline, a power regression, as well as 1- and 2-sigma percentile bands to better understand where we are now versus historical levels.
Coefficients:
y = a * x ^ b
y = y-intercept * x ^ slope
y = 4.39E-22 * x ^ 657%
https://porkopolis.io
https://twitter.com/crypto_voices
Show content is not investment or financial advice in any way.

Mar 7, 2023 • 16min
PE38: How many bitcoins will be mined by 2030?
Check out show sponsor Coinkite: https://coinkite.com/
Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/
This is the thirty-eighth installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast.
Contents
00:00 Intro
01:37 Block epochs ("halvings")
05:50 Projected supply until 2030
08:11 Genesis block (and client release)
11:14 How does this compare with gold and resources?
15:12 Market cap (supply in dollar-terms)
Dissecting the total Bitcoin supply curve since 3 January 2009, all the out until 31 December 2030.
https://porkopolis.io
https://twitter.com/crypto_voices
Show content is not investment or financial advice in any way.

Mar 6, 2023 • 11min
PE37: Is Bitcoin mining a billion dollar industry?
Check out show sponsor Coinkite: https://coinkite.com/
Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/
This is the thirty-seventh installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast.
Contents
00:00 Intro
00:42 Trailing-12 month revenue: Fees
01:02 Trailing-12 month revenue: Issuance
01:33 Issuance component % of total revenue
07:48 How does this compare to more established industries?
Dissecting the total issuance (block reward), PLUS network fees, paid to miners on the Bitcoin network over a rolling 365-day basis; in other words, total mining revenue (annualized). Similar to my last video, but now this is in USD (US-dollar) terms!
https://porkopolis.io
https://twitter.com/crypto_voices
Show content is not investment or financial advice in any way.

Mar 3, 2023 • 10min
PE36: New bitcoins vs. fees - Which pays miners more?
Check out show sponsor Coinkite: https://coinkite.com/
Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/
This is the thirty-sixth installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast.
Contents
00:00 Intro
00:54 Trailing-12 month revenue: Issuance
05:13 Trailing-12 month revenue: Fees
07:55 How long until the breakdown % crosses?
Dissecting the total issuance (block reward), PLUS network fees, paid to miners on the Bitcoin network over a rolling 365-day basis; in other words, total mining revenue (annualized).
https://porkopolis.io
https://twitter.com/crypto_voices
Show content is not investment or financial advice in any way.

Mar 2, 2023 • 36min
PE35: How much Bitcoin is produced per year?
Check out show sponsor Coinkite: https://coinkite.com/
Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/
This is the thirty-fifth installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast.
Contents
00:00 Intro
02:00 Terminology: Block reward and issuance
07:08 Note: Gross not net! This is revenue before expenses
08:13 Nature of this chart: Trailing 12-month run rate
17:03 Block reward and issuance in USD terms
24:40 Power regression on USD issuance rate (93% R-squared)
30:27 1-sigma percentile bands
32:30 2-sigma percentile bands
Dissecting the total issuance (block reward) paid to miners on the Bitcoin network over a rolling 365-day basis.
https://porkopolis.io
https://twitter.com/crypto_voices
Show content is not investment or financial advice in any way.